TORONTO, PRNewswire via COMTEX/ — TD Bank Group CA:TD +0.40%TD -0.33% announced today that it has taken a litigation provision of CDN$255 million, resulting in an after-tax charge of CDN $153 million (approximately CDN $0.17 per share), to be recorded in the first quarter and disclosed as an item of note in the bank’s financial reporting.

By The Canadian Press -TD Bank Group (TSX:TD) will take a $255-million provision related to litigation against the bank for its role in a $1.2-billion Ponzi scheme.The bank said Monday the provision will result in an after-tax charge of $153 million or about 17 cents per share.

(RTTNews.com) – TD Bank Group (TD.TO, TD) said Monday that it has taken a litigation provision of C$255 million, resulting in an after-tax charge of C$153 million or about C$0.17 per share, to be recorded in the first quarter and disclosed as an item of note in the bank’s financial reporting.

Toronto-Dominion Bank said it will take a litigation provision of $255-million in the first quarter as a result of “recent adverse judgments” including one by a U.S. court that TD helped a disgraced lawyer run a major ponzi scheme in Florida.

Canada’s second biggest bank said on Monday that the provision will result in an after-tax charge of $153-million, or about 17¢ a share for the current quarter.